Abbey Park Residences
Edmonton, AB
The Offering
Abbey Park Residences (the "Property") is a Six-Storey Wood Frame Building Comprised of 158 Suites Located in Central Edmonton's Oliver community.
Abbey Park Residences is currently under development. Scheduled for completion mid 2024, the asset showcases spacious, one- and two-bedroom suites with generous windows, and the convenience of in-suite laundry. Additionally, it boasts contemporary building amenities like underground parking, modern gym, on-site leasing office and additional storage. Nestled in Oliver, in close proximity to Downtown Edmonton and its thriving job market, this area has emerged as an enticing location for apartment redevelopment, leading to the replacement of numerous original single-detached homes. As a result, Oliver has evolved into a densely populated neighborhood with an established commercial presence woven throughout.
Abbey Park Residences offers an exceptional opportunity to acquire a modern and thoughtfully designed multi-family property that is strategically positioned to benefit from the forecasted above average rent growth in Alberta.
Investment Highlights
○ ACQUIRE SIGNIFICANT SCALE & VALUE IN ALBERTA'S CAPITAL CITY: 158 modern and well-appointed suites, with an ideal suite mix: 63% one-bedroom, 37% two-bedroom.
○ ATTRACTIVE MARKET CONDITIONS & DEMOGRAPHICS: Oliver’s limited new rental supply and increasing demand has tightened vacancy in the area. Since 2019, the Oliver neighbourhood has only had an increase of fewer than 825 rental suites, constituting less than 15% of Oliver’s rental universe.
○ WALKABILITY & CONNECTIVITY: Situated near Central Edmonton’s Brewery District, the Property offers convenient proximity to retail outlets, services, entertainment hubs, and dining establishments. The area boasts extensive amenities, allowing easy strolls to 124th Street, Jasper Avenue, the ICE District, and the expansive River Valley in Edmonton.
○ TRANSIT ORIENTED: The upcoming MacEwan Arts/112 Street Valley Line West LRT Station, expected to start operating in 2027 will seamlessly connect Central Edmonton with all major nodes of the city. Key bus routes run along 104th Avenue, while the Bike Network presents efficient connectivity throughout Central Edmonton via pathways along 105th and 102nd Avenues.
